Question

what do you understand by socialism by scholar view

Answer 1

Socialism is a political and economic theory that emphasizes common ownership and cooperative management of production and resources. Modern socialism arose in the 18th century from dissatisfaction with industrialization and the inequities caused by unbridled private ownership. Socialists generally share the view that capitalism is inherently exploitative; thus, they advocate cooperative efforts and social service. Socialism differs from communism in that it is based on ethical and democratic values, and it permits both individual and state ownership of property and business. Sweden and Denmark are examples of non-communist socialist systems, in which the government controls the majority of public utilities and directs the economy.

Answer 2

Socialism means public ownership. The various resources of the country are commonly owned. Socialism ensures that wealth of country should be used for the benefit of all. Common ownership in real terms means everybody has equal right to participate in the decision making of the country regarding how the global resources will be used and nobody would be able to take personal control of the resources which is beyond their personal possession. Socialist is the one who follow or advocate principles of socialism.